Total digital ad spending worldwide did not grow as robustly as expected in 2022, nor will it grow as robustly as expected over the next two years, according to recent research from Insider Intelligence.
The forecast, which was released in November 2022, was based on an analysis of quantitative and qualitative data from research firms, government agencies, media firms, and public companies, as well as from interviews with top executives at publishers, ad buyers, and agencies.
In its forecast released in 1Q22, Intelligence Insider predicted that global digital ad spend worldwide would grow to $602 billion in 2022, up 15.6% year over year. Now, the researchers expect spend to reach $567 billion in 2022, up only 8.6% year over year.
In its 1Q22 forecast, Insider Intelligence predicted that digital ad spending worldwide would reach $756 billion by 2024, but now the researchers expect it to reach only $696 billion.
Among major digital platforms, the researchers made the biggest downward adjustment to the Twitter forecast, cutting their outlook for the social network’s ad business by 39%. They now predict growth to remain essentially flat for the next two years.
The researchers now expect Meta’s ad business worldwide to drop for the first time ever in 2022, contracting by 2% year over year.
Google saw the smallest downward adjustment for its ad forecast among major platforms, with 2022 revenue now expected to be just 2.8% below the researchers’ 1Q23 expectation.
About the research: The forecast, which was released in November 2022, was based on an analysis of quantitative and qualitative data from research firms, government agencies, media firms, and public companies, as well as from interviews with top executives at publishers, ad buyers, and agencies.
Read the full article:
https://www.marketingprofs.com/charts/2022/48306/tough-times-ahead-global-digital-ad-forecast-for-2022-2024
Publication Date: 2022-11-22